State of Connecticut Department of Banking, ameriquest mortgage.#Ameriquest #mortgage


ameriquest mortgage

Ameriquest mortgage Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Ameriquest mortgage

Connecticut residents who lost money to a scam and made payments through Western Union between January 1, 2004 and January 19, 2017 are eligible to file a claim to get their money back by going to FTC.gov/WU by February 12, 2018.

Consumers with questions about the Equifax security breach should visit www.equifaxsecurity2017.com to look up if you were potentially impacted, and steps to take if you are on that list. Equifax has a dedicated call center at 1-866-447-7559 for questions.

Starting with the next renewal period that begins on November 1, 2017, the Department of Banking will activate the auto-renewal feature of the Nationwide Multistate Licensing System (NMLS). We expect this to greatly increase our efficiency in processing renewal applications.

Licensees must ensure that they provide ALL information required to enable them to take full advantage of this feature. Please read the attached memo for details – Auto-Renewal Notice, September 2017.

Please see the attached memorandum regarding the authority of the Banking Commissioner to send certain legal notices to licensees electronically – DOB Memorandum – September 22, 2017. (pdf)


Subprime Lending and Subprime Loans, The Truth About, ameriquest mortgage.#Ameriquest #mortgage


Subprime Lending

Ameriquest mortgage

Subprime lending is best defined as offering financing to an individual with poor credit, low income, or limited documentation, who generally wouldn’t qualify for a mortgage at standard market rates or at all.

If a borrower fails to meet the requirements of the traditional banks and lending institutions out there, they must resort to using a subprime lender who in turn will offer a higher interest rate in exchange for elevated risk. Seems fair.

In short, if you present a higher risk of default to the lender, you must pay a higher rate of interest to compensate. Unfortunately, this is a bit of a catch-22, seeing that more risky borrowers with even higher interest rates are more likely to default. Think about that for a minute.

As a general rule, a borrower with a FICO score below 620 would fall into the subprime category, also known as “B paper” or “near-prime”. This is the best definition of subprime. It s pretty much credit score driven.

And if a consumer has a score this low, there is a good chance they have major derogatory accounts on their credit report, and/or possibly high credit utilization (maxed out credit lines).

Typically, a sub-620 credit score doesn’t just happen, and is usually the result of a collection, charge-off, bankruptcy, or another serious delinquency, such as a late mortgage payment, a short sale or foreclosure.

Typical Subprime Loan Offerings

Subprime offerings include standard loan programs geared towards borrowers with low credit scores, insufficient income and/or a high debt-to-income ratio that aren’t able to qualify with traditional lenders.

These types of lenders may also offer loans with high loan-to-value ratios (LTV) and limited documentation, or a combination of the aforementioned that make for aggressive lending practices traditional banks may deem too risky.

In essence, you can get the same exact 30-year fixed or 5/1 ARM with a subprime lender or a prime lender, but the distinguishing characteristic will be the interest rate you receive.

Many subprime critics also consider interest-only loans, negative-amortization loans, and generally any non-fixed mortgage to be subprime, although that view is somewhat extreme and more opinion than fact.

Note: Some even characterize FHA loans as subprime, seeing that the minimum credit score is 500 and the max LTV is 96.5%. But because such loans are government-backed, they re viewed as more regulated and thus safer than conventional offerings.

How Subprime Came to Be

So how did the subprime lending industry get its start? Well, as mortgage rates dropped and home buying became wildly popular, many prospective homeowners sought financing but were turned away from traditional banks and mortgage lenders. This created a new, extremely large demographic that was without financing. Enter opportunity.

Proponents of subprime lending realized the demand for homeownership and refinancing despite imperfect credit and jumped on this untapped customer base, offering similar, if not more aggressive mortgage programs at a premium.

These subprime lenders were able to find investors to sell the loans on the secondary market, even those with low FICO scores and limited documentation, despite the obvious risk.

The practice was justified because it allowed otherwise good borrowers with an imperfect credit history to receive home loan financing, which in theory is said to spur the economy and increase spending and employment rates.

Why Subprime Lending Worked

Subprime lenders and the secondary investors that backed them decided to take on more risk because of rising property values, as the risk was reduced two-fold.

First, with property values on the rise, subprime borrowers were able to gain home equity despite paying less than the fully amortized payment or interest-only payments each month because of the appreciation.

Secondly, lenders reduced their risk exposure because the rising market provided equity to the homeowners, which was enough collateral to refinance the loan to a lower payment option (or new teaser rate) to avoid foreclosure, or at the very least, sell the property for a small profit.

Unfortunately, this formula was clearly flawed, and once home prices stagnated and dropped, a flood of mortgage defaults and foreclosures hit the market. Now almost all secondary investors have backed out, leaving subprime lenders with no capital and a lot of closed doors.

Subprime lending was never short of critics. Many felt subprime lenders were acting as predatory lenders, offering risky mortgage programs at unreasonable costs, often pushing under-qualified borrowers into poorly explained loan programs such as option-arms and interest-only home loans, leaving them with mountains of debt.

Now these borrowers, who were essentially destined to fail, have few options to avoid foreclosure.

In late 2006 and early 2007, many of the largest subprime lenders closed shop, including Fremont, New Century, Ameriquest, and many, many more. Too many to list to be honest.

I d add a list of subprime lenders, but there aren t any left here is a general list of closed lenders, many of them subprime.

Nowadays if you re looking for a subprime loan, you can either check out government programs like the FHA or seek out a non-QM lender, the latter of which offers more accommodating financing alternatives.


Ripoff Report, RP Funding Complaint Review Maitland, Florida, ameriquest mortgage.#Ameriquest #mortgage


ameriquest mortgage

Corporate Advocacy Program

  • Ameriquest mortgage

    Corporate Advocacy Program

    Ameriquest mortgage

    Corporate Advocacy Program

    This is the best way to manage and repair your business reputation. Hiding negative complaints is only a Band-Aid. Consumers want to see how a business took care of business.

    All business will get complaints. How those businesses take care of those complaints is what separates good businesses from the rest.

    Consumers love to do business with someone that can admit mistakes and state how they made improvements.

    Corporate Advocacy Business Remediation and Customer Satisfaction Program.

    1. Ameriquest mortgageHome > Reports >Home Garden >Real Estate Services >Rp Funding > Rp Funding Worst Mortgage Company Ever Maitland Florida

    Complaint Review: RP Funding

    Ameriquest mortgage

    ED Magedson – Founder

    Ameriquest mortgage

    ARE YOU A VICTIM?

    Ameriquest mortgage

    20/20 exposes the real BBB

    • Submitted: Tue, July 21, 2015
    • Updated: Tue, July 21, 2015
    • Reported By: Stephanie Leesburg Florida USA
    • RP Funding

    500 Winderley Place, #300

    • Phone: 866-765-0765
    • Web:http://www.rpfunding.com/
    • Category:Real Estate Services

    RP Funding Worst Mortgage Company EVER Maitland Florida

    *Author of original report: *****Update!

    *Consumer Comment: May I Suggest.

    This is the best way to manage and repair your business reputation. Hiding negative complaints is only a Band-Aid. Consumers want to see how a business took care of business.

    All business will get complaints. How those businesses take care of those complaints is what separates good businesses from the rest.

    Consumers love to do business with someone that can admit mistakes and state how they made improvements.

    Corporate Advocacy Business Remediation and Customer Satisfaction Program.

    ‘> Ameriquest mortgage

    Show customers why they should trust your business over your competitors.

    The first part of our journey with them seemed fine. We got our pre-approval for a conventional loan and I promptly sent the documents they requested. My husband had recently received a raise and promotion by his company to X amount yearly but when we received his first pay stub, it was divided into “hourly + overtime” pay and not a “salary” pay. It’s the same amount each week and it does add up to the X amount yearly we had specified. I brought this to the attention of my loan officer, Bob, when I e-mailed him the copy of the paystub and I asked him directly if it needed to be changed or not. No comment was made by him. It could have been changed to salary right then but since they didn t see it as a problem, we left it.

    We found the house we wanted performed all the necessary paperwork and signing of the application and disclosures. We proceed on to underwriting.

    We then receive a call that there was an issue. They just now realized Mark’s pay was not salary and said because he hasn’t received overtime for 2 years, they would not be counting his overtime pay into his income. They proposed a solution. They said since I am a SAHM and receive no income, they could take my name off the loan and that would change our debt-to-income ratio and it should be fine then. We consent and are sent to underwriting AGAIN.

    They then realize that both my husband and I’s names are on most of our debts and it does not change the ratio to their liking. We are then asked to acquire a letter from his employer stating that he is paid X amount yearly but is paid via hourly plus overtime instead of salary. They say that this, according to our loan officer’s boss, would work for them. We are sent to underwriting yet again.

    ONE WEEK BEFORE CLOSING We get another call. Nope, the letter wont work because again, he hasn’t had overtime pay for 2 years. SO! Their next solution to our problem is switching us from conventional to FHA because FHA has better debt-to-income ratio limits. Fine, we consent and move on to underwriting again. All the while, myself and my agent both ask our loan officer REPEATEDLY if we are still on track for closing. YES he says, he hasn’t heard otherwise was his response. We are

    sent the FHA application and promptly sign and return it electronically.

    ONE DAY BEFORE CLOSING myself and my agent are after this lender, asking how we were looking for closing that next day. Our file was still in underwriting. All my loan officer could say was that no one had told him any differently about closing tomorrow and no one has asked for an extension. He was “on top of it” and this was his “first priority.”

    My agent gets a phone call at 4:58pm from RP Funding stating that they needed a 2 WEEK EXTENSION due to more issues needing clarified. They JUST NOW discovered that our current home that we own is an FHA loaned home. Just now. SO, due to them JUST NOW discovering this, we have to have an appraisal done of our current home and this appraisal has to come out to have 25% equity or we will not meet FHA’s guidelines on a new FHA loan. Steve Dickmann went on to say that this appraisal would be “rush ordered” and that RP funding would, infact, pay for this particular appraisal. This was the day before we were supposed to close, at 4:58pm on a Wednesday. I never received a call. At this point, everyone knows about this extension and loan issues EXCEPT for me. I have to e-mail my loan officer to find out what exactly these “issues” were. THEN, after that e-mail, I receive a call about it.

    Thursday-i hear nothing about this “rush order appraisal.” Friday I email them about it- Bob gets back to me and says “I’ll find out right now”. 4 hours later, I receive a call from Bob. He states before they will pay for an appraisal, they need to get my file in order and make sure it all checks out with FHA guidelines. These people were no where near ready to close my loan on time. Funny enough, the documents that Bob requested were ones that were sent 2 weeks prior. And the other document was a bank statement which was sent in the very beginning, during the pre-approval step. But he didnt have them. He found them both in his email inbox while I spoke to him on the phone. He said he would update my file with these documents and get it to his boss to get the appraisal ordered. I hear nothing the rest of the day.

    Monday comes around and my agent asks for an update on this appraisal. Apparantly, it was supposed to be PERFORMED on Monday and instead, it hadn’t even been ordered. No response to my agent was given. I myself sent another email, not a very nice email mind you, to Bob and his boss, Steve, and a few hours later finally get a phone call. They still havent ordered my appraisal because they dont want to “spend money” on an appraisal until they make sure everything else checks out. They decide that our debt-to-income ratio is STILL OFF for an FHA loan and that my husband and I have to pay off a couple of our interest-free loans totalling $3,000.00. THEN, after that is done, our ratio should be fine and they would order the appraisal at their cost.

    SO! They just now decide, after switching from conventional to FHA due to debt ratio’s over a week ago, that this debt ratio still wont work due to the way my husband is paid. Need I remind you that ALL of this could have been avoided if they would have said during the pre-approval process that his pay method was an issue, because it could have been fixed right then and there.

    We have paid for inspections, survey, and appraisal. We have spent over $1500 on this home. We have lost it due to their delays and their neglect. They were no where near ready to close on our loan and kept misleading us. They should have spoke up in the beginning of this process that husbands pay needed changed. If that was correct in the beginning, none of this would have gone wrong and we would have our house right now. Instead, we get to start all over again with house hunting, paying for all the costs again for a new house. RP Funding should be responsible for part, if not all, the expenses we lost due to their ignorance. If we had known our DTI was still off the week before closing, we would not have spent $500 on a survey. They should have known all issues long before closing date.


  • Ameriquest – Online Mortgage Information and Lender Directory, ameriquest mortgage.#Ameriquest #mortgage


    Ameriquest

    Ameriquest Mortgage Company is one of the nation s oldest and largest home-equity lenders. Ameriquest is proud of their history of making credit accessible to homeowners, helping customers gain a fresh financial start, realize a dream and make homeownership a reality.

    Ameriquest believes consumers should (1) receive clear and timely disclosures of the terms of a proposed loan and their options; (2) have adequate time to evaluate and negotiate those terms and; (3) have the ability to obtain the advice of independent advisors as to whether the loan is one they should accept.

    As part of this philosophy, Ameriquest has made the decision not to quote rates on their website. “Those rates you see published represent the lowest rate you could possibly receive — a combination of circumstances involving the size of your loan, type of property, credit rating and more,” they explain, going on to say, “You may qualify for that rate. Then again, there’s a chance you won’t.” They elaborate, stating that every loan is a separate case, and every application is evaluated so that a loan can be tailored to individual needs.

    Ameriquest Mortgage Loan Options

    Ameriquest lends in most of the United States, though they do not do loans at all in Virginia, West Virginia, or Nebraska. Their niche is largely subprime, and they specialize in debt consolidation loans for medium- to high-risk borrowers. In addition they do offer Fixed Rate Mortgages, Adjustable Mortgages (ARM), Interest Only Loans, LIBOR, Cash Out Loans, Refinance Loans, Second Mortgages, Home Purchase Loans, Reverse Mortgages, Home Equity Lines of Credit (HELOC), or Home Equity Mortgage Loans.

    Unlike many mortgage lenders, Ameriquest retains the servicing on all their loans, so the list of “best practices” on their website encompasses all aspects of the mortgage loan transaction, not just the origination phase, and includes points on encouraging the use of escrow accounts (impounds for those on the West Coast) and their innovative offer of a seven day rescission period on refinances, instead of the federally mandated three days.

    Ameriquest in the Community

    In addition to mortgage lending, Ameriquest is an active sponsor of many cultural and sporting events, including the Ameriquest Field ballpark in Arlington Texas. As well, it s philanthropic mission Soaring Dreams is involved in literacy programs throughout the country.

    Ameriquest lends throughout the United States, and is subject to the laws of the state in which specific property is located.

    This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states. Mortgage Info makes no representation, express or implied, that you will receive a quote from any companies profiled on this site.

    This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.


    Amerindians – definition of Amerindians by The Free Dictionary, ameriquest mortgage.#Ameriquest #mortgage


    Amerindian

    Related to Amerindians: Caribs

    Am·er·in·di·an

    Amerindian

    Amerindian

    Amerindian

    • American wirehair
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    • American-Indian language
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    The Foreclosure Fraudsters, Co-conspirators – ROBO-Signors, ameriquest mortgage.#Ameriquest #mortgage


    Contact information for some bank CEOs:

    Nationwide Title Clearing will manufacture any document to cover-up the title fraud problems.

    Ameriquest mortgageFORENSIC AUDITS

    of County Land Records

    Ameriquest mortgage FORENSIC EXAMINATION OF ASSIGNMENTS OF MORTGAGE RECORDED DURING 2010 IN THE

    ESSEX SOUTHERN DISTRICT REGISTRY OF DEEDS John O’Brien, Assessor-Recorder

    Ameriquest mortgage FORECLOSURE IN CALIFORNIA: A CRISIS OF COMPLIANCE Phil Ting, Assessor-Recorder (2012)

    Christina Allen – Lender Processing Services Liquenda Allotey – Lender Processing Services Christine Anderson – Lender Processing Services: now appropriately called Black Knight Financial Services, a subsidiary of Fidelity National Financial Inc.

    Scott Anderson – Ocwen and Residential Loan Servicing

    Patricia Arango – Marshall C. Watson law firm (CONTRADICTS CONGRESSIONAL TESTIMONY OF

    China Brown – Wells Fargo (Piwinski case)

    Bryan Bly – Nationwide Title – Video Deposition Part 1, Part 2

    Deborah Brignac Forgeries – Deutsche Bank, Washington Mutual, Long Beach Mortgage, California Reconveyance,

    JPMorgan Chase, Fidelity

    Whitney Cook – JPMorgan Chase

    Beth Cottrell – JPMorgan Chase

    Margaret Dalton – JPMorgan Chase

    Dhurata Doko – Nationwide Title – Video Deposition Part 1, Part 2

    Alfonzo Greene – Lender Processing Services

    Laura Hescott – Lender Processing Services

    Barbara Hindman – JPMorgan Chase

    Bethany Hood – Lender Processing Services

    Pat Kingston – EMC Mortgage

    Cecelia Knox – Lender Processing Services

    Margie Kwiatanowsk – GMAC

    Topako Love – Lender Processing Services

    Crystal Moore – Nationwide Title – Video Deposition. Part 1, Part 2, Part 3, Part 4

    Noemi MoralesOcwen – Signs for Scott Anderson. Notary stamp was expired when she signed many documents.

    Erica Johnson-Seck– Indymac The corporations for which she had signing authority included the FDIC as

    conservator for IndyMac. She’s now a vice president in Austin, Texas,

    for OneWest Bank, which bought IndyMac from the FDIC.

    Stanley Silva – Ticor Title: Notice of Defaults, LPS, Fidelity, MERS, Wells Fargo

    Jodi Sobotta – Lender Processing Services

    Stacy Spohn – Chase Home Finance

    Jeffrey Stephan – GMAC Highlights by Lynn Szymoniak

    Jeffrey Stephan – Motion for Relief GRANTED – Attorney Fees Awarded on Affidavit Made in Bad Faith

    Eric Tate – Lender Processing Services

    Christina Trowbridge – JPMorgan Chase

    Rhonda Weston – Bank of America: Is one of 10,000 listed vice presidents for Bank of America and had signed

    legal documents allegedly not in the presence of a notary public and without reading the document.

    Amy Weis – Lender Processing Services

    Rick Wilken – Lender Processing Services, EMC Mortgage, MERS, HSBC, JP Morgan Chase

    From attorney Lynn Szymoniak of Fraud Digest

    To assist JPMorgan Chase , Fraud Digest suggests that it dismiss those actions where the Affidavits or Mortgage Assignments were signed by the following robo-signers: Beth Cottrell, Whitney Cook, Christina Trowbridge and Stacy Spohn from the Chase Home Finance office in Franklin County, OH; Margaret Dalton and Barbara Hindman from the Jacksonville, FL office of JPMorgan Chase;

    and any of the Lender Processing Services robo-signers from the Dakota County, MN office including Christina Allen, Liquenda Allotey, Christine Anderson, Alfonzo Greene, Laura Hescott, Bethany Hood, Cecelia Knox, Topako Love, Jodi Sobotta, Eric Tate, Amy Weis and Rick Wilken.

    In particular, JP Morgan Chase should look at those cases where the bank has supposedly assigned mortgages to WaMu , WMALT , Long Beach Mortgage Company and NovaStar trusts years after the closing dates of these trusts. The number of questionable or fraudulent documents is likely to be much closer to 560,000 than to 56,000, and that will only be a good beginning. – Attorney Lynn Szymoniak


    Ameriquest – Online Mortgage Information and Lender Directory, ameriquest mortgage.#Ameriquest #mortgage


    Ameriquest

    Ameriquest Mortgage Company is one of the nation s oldest and largest home-equity lenders. Ameriquest is proud of their history of making credit accessible to homeowners, helping customers gain a fresh financial start, realize a dream and make homeownership a reality.

    Ameriquest believes consumers should (1) receive clear and timely disclosures of the terms of a proposed loan and their options; (2) have adequate time to evaluate and negotiate those terms and; (3) have the ability to obtain the advice of independent advisors as to whether the loan is one they should accept.

    As part of this philosophy, Ameriquest has made the decision not to quote rates on their website. “Those rates you see published represent the lowest rate you could possibly receive — a combination of circumstances involving the size of your loan, type of property, credit rating and more,” they explain, going on to say, “You may qualify for that rate. Then again, there’s a chance you won’t.” They elaborate, stating that every loan is a separate case, and every application is evaluated so that a loan can be tailored to individual needs.

    Ameriquest Mortgage Loan Options

    Ameriquest lends in most of the United States, though they do not do loans at all in Virginia, West Virginia, or Nebraska. Their niche is largely subprime, and they specialize in debt consolidation loans for medium- to high-risk borrowers. In addition they do offer Fixed Rate Mortgages, Adjustable Mortgages (ARM), Interest Only Loans, LIBOR, Cash Out Loans, Refinance Loans, Second Mortgages, Home Purchase Loans, Reverse Mortgages, Home Equity Lines of Credit (HELOC), or Home Equity Mortgage Loans.

    Unlike many mortgage lenders, Ameriquest retains the servicing on all their loans, so the list of “best practices” on their website encompasses all aspects of the mortgage loan transaction, not just the origination phase, and includes points on encouraging the use of escrow accounts (impounds for those on the West Coast) and their innovative offer of a seven day rescission period on refinances, instead of the federally mandated three days.

    Ameriquest in the Community

    In addition to mortgage lending, Ameriquest is an active sponsor of many cultural and sporting events, including the Ameriquest Field ballpark in Arlington Texas. As well, it s philanthropic mission Soaring Dreams is involved in literacy programs throughout the country.

    Ameriquest lends throughout the United States, and is subject to the laws of the state in which specific property is located.

    This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states. Mortgage Info makes no representation, express or implied, that you will receive a quote from any companies profiled on this site.

    This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.


    Ameriquest closes, Citigroup buys mortgage assets, Reuters, ameriquest mortgage.#Ameriquest #mortgage


    Ameriquest closes, Citigroup buys mortgage assets

    NEW YORK (Reuters) – Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation s housing market slump.

    Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest s parent, ACC Capital Holdings, for an undisclosed price.

    The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

    Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

    Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

    Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

    U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

    Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

    ACC is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications, spokesman Chris Orlando said.

    Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC s chairman, according to their official U.S. government biographies. Roland Arnall remains the company s principal owner, Orlando said.

    Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

    Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

    SCALE

    Jeffrey Perlowitz, New York-based Citigroup s head of global securitized markets, said in a statement the transaction allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.

    ACC Vice Chairman Adam Bass in a statement called the transaction a positive step for customers and employees.

    ACC s spokesman Orlando declined to disclose Ameriquest s recent loan volumes.

    Citigroup s purchase is scheduled to close on Saturday.


    Subprime Lending and Subprime Loans, The Truth About, ameriquest mortgage.#Ameriquest #mortgage


    Subprime Lending

    Ameriquest mortgage

    Subprime lending is best defined as offering financing to an individual with poor credit, low income, or limited documentation, who generally wouldn’t qualify for a mortgage at standard market rates or at all.

    If a borrower fails to meet the requirements of the traditional banks and lending institutions out there, they must resort to using a subprime lender who in turn will offer a higher interest rate in exchange for elevated risk. Seems fair.

    In short, if you present a higher risk of default to the lender, you must pay a higher rate of interest to compensate. Unfortunately, this is a bit of a catch-22, seeing that more risky borrowers with even higher interest rates are more likely to default. Think about that for a minute.

    As a general rule, a borrower with a FICO score below 620 would fall into the subprime category, also known as “B paper” or “near-prime”. This is the best definition of subprime. It s pretty much credit score driven.

    And if a consumer has a score this low, there is a good chance they have major derogatory accounts on their credit report, and/or possibly high credit utilization (maxed out credit lines).

    Typically, a sub-620 credit score doesn’t just happen, and is usually the result of a collection, charge-off, bankruptcy, or another serious delinquency, such as a late mortgage payment, a short sale or foreclosure.

    Typical Subprime Loan Offerings

    Subprime offerings include standard loan programs geared towards borrowers with low credit scores, insufficient income and/or a high debt-to-income ratio that aren’t able to qualify with traditional lenders.

    These types of lenders may also offer loans with high loan-to-value ratios (LTV) and limited documentation, or a combination of the aforementioned that make for aggressive lending practices traditional banks may deem too risky.

    In essence, you can get the same exact 30-year fixed or 5/1 ARM with a subprime lender or a prime lender, but the distinguishing characteristic will be the interest rate you receive.

    Many subprime critics also consider interest-only loans, negative-amortization loans, and generally any non-fixed mortgage to be subprime, although that view is somewhat extreme and more opinion than fact.

    Note: Some even characterize FHA loans as subprime, seeing that the minimum credit score is 500 and the max LTV is 96.5%. But because such loans are government-backed, they re viewed as more regulated and thus safer than conventional offerings.

    How Subprime Came to Be

    So how did the subprime lending industry get its start? Well, as mortgage rates dropped and home buying became wildly popular, many prospective homeowners sought financing but were turned away from traditional banks and mortgage lenders. This created a new, extremely large demographic that was without financing. Enter opportunity.

    Proponents of subprime lending realized the demand for homeownership and refinancing despite imperfect credit and jumped on this untapped customer base, offering similar, if not more aggressive mortgage programs at a premium.

    These subprime lenders were able to find investors to sell the loans on the secondary market, even those with low FICO scores and limited documentation, despite the obvious risk.

    The practice was justified because it allowed otherwise good borrowers with an imperfect credit history to receive home loan financing, which in theory is said to spur the economy and increase spending and employment rates.

    Why Subprime Lending Worked

    Subprime lenders and the secondary investors that backed them decided to take on more risk because of rising property values, as the risk was reduced two-fold.

    First, with property values on the rise, subprime borrowers were able to gain home equity despite paying less than the fully amortized payment or interest-only payments each month because of the appreciation.

    Secondly, lenders reduced their risk exposure because the rising market provided equity to the homeowners, which was enough collateral to refinance the loan to a lower payment option (or new teaser rate) to avoid foreclosure, or at the very least, sell the property for a small profit.

    Unfortunately, this formula was clearly flawed, and once home prices stagnated and dropped, a flood of mortgage defaults and foreclosures hit the market. Now almost all secondary investors have backed out, leaving subprime lenders with no capital and a lot of closed doors.

    Subprime lending was never short of critics. Many felt subprime lenders were acting as predatory lenders, offering risky mortgage programs at unreasonable costs, often pushing under-qualified borrowers into poorly explained loan programs such as option-arms and interest-only home loans, leaving them with mountains of debt.

    Now these borrowers, who were essentially destined to fail, have few options to avoid foreclosure.

    In late 2006 and early 2007, many of the largest subprime lenders closed shop, including Fremont, New Century, Ameriquest, and many, many more. Too many to list to be honest.

    I d add a list of subprime lenders, but there aren t any left here is a general list of closed lenders, many of them subprime.

    Nowadays if you re looking for a subprime loan, you can either check out government programs like the FHA or seek out a non-QM lender, the latter of which offers more accommodating financing alternatives.


    Ameriquest closes, Citigroup buys mortgage assets #mortgage


    #ameriquest mortgage

    #

    Ameriquest closes, Citigroup buys mortgage assets

    A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

    By Jonathan Stempel | NEW YORK

    NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

    Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

    The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

    Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

    Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

    Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

    U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

    Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

    ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

    Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

    Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

    Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

    Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

    ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

    ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

    Citigroup’s purchase is scheduled to close on Saturday.

    (Additional reporting by Dan Wilchins)